BREAKING NEWS: Worst retail slump in 17 years - NZ Economy now beyond critical?
the market did not expect this, the worst quarter decline in retail for 17 years.
The economy is crashing and retail looks like the next mass victim as the service industry falls to pieces as consumers can no longer consume.
Consumers are feeling the pinch, they are going on line to buy cheaper (online shopping has increased), the entire retail industry faces a crashing re-alignment as service is replaced for product. Expect large redundancies as retailers move increasingly on line.
The economy is in trouble, the band aids Key and his corporate clique have put on our hemorrhaging economic situation are now sliding off and their only solution to privatize our assets and implement austerity policies go no where to addressing the realities of poverty and our crumbling infrastructure.
Punishing the poor while borrowing tax cuts for the wealthy is simply not sustainable and the deep cuts in public services are exacerbating the problem. The insult to injury comes when the Government justify this economic mismanagement with a debt bogeyman that is privately owned, not publicly owned.
Like 6.7% of the work force, austerity doesn't work.
No wonder John Key wants two speculate on Gay marriage.